The San Jorge Hospital secures $11M financing from Parliament Capital
Earlier this year, The San Jorge Hospital Inc. bought the assets of the hospital through a bankruptcy process.
San Jorge Hospital Inc. and Parliament Capital Management LLC have announced an $11 million financing agreement to support extensive renovations and bolster working capital. The funds will enable the hospital to upgrade its facilities and services, officials said.
Earlier this year, San Jorge Hospital acquired the hospital assets through a bankruptcy process. Since then, the hospital has been investing in infrastructure and operations to improve service quality and regain its status as a leading health care provider in the area.
The new financing will accelerate these improvements, allowing the hospital to better meet community needs, officials said.
“This strategic investment underscores The San Jorge Hospital’s commitment to delivering first-class health care services to its patients,” stated the hospital in a release.
The planned renovations will include upgrades to medical equipment, expansion of patient care areas and improvements in infrastructure, aiming to create a more efficient environment for patients and staff.
“While The San Jorge Hospital remains fully committed to delivering exceptional health care services for children, it is also aware of the changing demographic trends and declining birth rates, both locally and globally,” it stated.
“In response to this, it has strategically decided to expand their services to meet the health care needs of adults and seniors. As the hospital transitions into a family hospital, it will be extending its range of services to provide a comprehensive health care solution that encompasses preventive care, diagnostics, treatments, and rehabilitation,” officials added.
“The partnership with Parliament Capital allows us to continue our mission of providing top-quality medical care,” said José L. Zayas, San Jorge Hospital Inc.’s chief operating officer. “With these funds, we can make significant improvements that will benefit our patients and the community at large.”
Parliament Capital, based in San Juan, Puerto Rico, focuses on commercial financing for small and medium-sized businesses that seek loans of up to $25 million.
Maribel Ortiz-Castro, portfolio manager at Parliament Capital, emphasized the significance of the collaboration.
“Investing in the health care system is critical to ensuring that communities have access to the care they need,” she said. “This financing is a testament to our commitment to fostering a robust and resilient health care infrastructure on the island, in line with our vision to be a financing solution and partner to companies in all industries underserved by traditional capital sources.”
